Range Resources (LON:RRL) Limited (BUY, 27p) (RRL LN, 11.25p, ► 0.0%) and Red
Emperor Resources (TRADING BUY, 19p) (RMP LN, 18.25p, ► 0.0%) have
announced that site construction has commenced in readiness for the spudding of
the second exploration well in Georgia, the Namakhvani well at the Kursebi 6
Prospect. Spudding is expected in early to mid February now that Range have
reviewed all seismic and geological data across the top 3 Kursebi prospects,
given the unexpected geology encountered at the first exploration well, and
Kursebi 6 has been identified as the most robust prospect. The estimate for
undiscovered STOIIP for the prospect is 99.2 Mmbbls (mean). Range has a 40%
interest and Red Emperor a 20% interest in the prospect.

Gulf Keystone Petroleum (LON:GKP) (BUY, 300p) (GKP LN, 275.25, ▼0.72%) has provided
an operational update for its exploration and appraisal programme in the
Kurdistan Region of Iraq, including the Shaikan block. Highlights include:
ongoing well testing at the Shaikan-4 Appraisal Well, with two well tests
completed in the Triassic and 5 further planned in both the Jurassic and
Triassic; Shaikan-5 Appraisal well is currently drilling at a measured depth of
1571 metres in the lower Cretaceous; Shaikan-6 Appraisal Well has drilled to a
measured depth of 844 metres in the Cretaceous and 20 casing has been set; the
Aqra-1 Appraisal Well designed to assess the Bikell discovery has spudded and is
on track to be tested in H2 2012; the Ber Bahr-1 Exploration Well has been
drilled to a measured depth of 2778 metres.

Afren (LON:AFR) (AFR LN, 124.60p, ▼ 1.74%) provided a trading statement and
operations update. Highlights include: net group working interest production
average of 19,200 boepd in 2011 with average production of 42,000 to 46,000
boepd expected in 2012; commission and ramp up of all 14 production wells in the
Ebok field development successfully completed; up to 15 exploration wells due in
2012 in the Okoro East exploration campaign; acquisition of 60% and 20% interest
in the Barda Rash and Ain Sifni PSCs respectively, increasing 2P and 2C
resources from 136 mmboe to 1026 mmboe; 2011 sales of US$600 M expected.

Roxi Petroleum (LON:RXP) (RXP LN, 5.13p, ▲ 7.89%) announced pilot production has
commenced from the NW Konys field in the Galaz Contract Atram Kazakhstan. Six
new wells has been drilled and one old well re-entered in 2008/09 which received
their final regulatory approvals in December 2011. Well NK-6 has now recommenced
production on the 19 January at a rate of approximately 225 bopd to be
transported and solg on the domestic market. The next step for Roxi and their
farm in partner, LG International, is to recommence production at well NK-4,
testing of multiple intervals in well NK-9, and testing well NK-10.

Mining News

Forte Energy NL (LON:FTE) (FTE LN, 3.0p, ▲ 27.93%) announced that they have received
initial assay results for the Reverse Circulation drilling programme currently
underway at the A238 Prospect in Mauritania. Initial assay results have been
received for 36 drill holes out of a total of 55 drilled to date from the
10,000m drilling programme. Notable intersections include: 25m @ 357ppm U, 10m @
510ppm U and 8m @ 312ppm U. Assay results for the outstanding 19 drill holes are
due shortly. The A238 resource update is expected to be announced in Q1 2012.

Frontier Mining (LON:FML) Ltd (FML LN, 4.25p, ▲ 9.68%) announced it has completed
the acquisition of South Benkala, previously announced on 9 May 2011. KazCopper
LLP, Frontier's wholly owned subsidiary through which it holds the Benkala
license, has received final approval from both the Ministry of Industry and
Trade of Kazakhstan and the Inter-Ministerial Committees, enabling the Company
to complete the purchase and transfer of the Subsurface Use Contract for the
South Benkala mineral deposit. Now that the amendments to the Subsurface Use
Contract have been approved and the consideration of $2.5 million paid, the
purchase is now complete.

Goldplat (LON:GDP) plc (GDP LN, 13.0p, ▲ 13.04%) provided an operations update on
its Kilimapesa Gold operating mine in Kenya. First gold sales were achieved at
Kilimapesa with 399 ounces sold on 13 January 2012.

Landore Resources (LON:LND) Limited (LND LN, 9.25p, ▲ 8.82%) announced a drilling
update on its Junior Lake Nickel Project. A drilling program consisting of 9
diamond core holes for 4,796 metres has recently been completed with best
results including 2.86 m at 1.2% Ni and 2.23 m at 1.11% Ni.

Sirius Minerals (LON:SXX) Plc (SXX LN, 26.25p, ▲ 3.96%) announced the completion of
coring at SM2, the second new borehole completed at the York Potash Project. Two
distinct seams of overlapping massive polyhalite were intersected for a total of
67 metres of total massive polyhalite mineralisation across the hole. 33 metres
of massive polyhalite was in the shallower "Shelf" bed that is currently being
mined at the Boulby Mine and 34 metres in the deeper "Basin" bed, as encountered
at SM1.

Sylvania Platinum (LON:SLP) Limited (SLP LN, 22.5p, ▲ 1.69%) announced an operations
update from Sylvania Dump Operations in the Bushveld complex of South Africa.
The Sylvania Dump Operations generated half year production of 25,179 PGM ounces
for the period up to December 2011, a 36% increase compared to 18,530 ounces for
the same period in the 2011 financial year. Production of 13,089 ounces in the
first quarter, and 12,090 ounces in the second quarter, were the two highest
totals in the Company's history. During the second quarter, the operations saw a
number of major mechanical incidents. In addition, the Mooinooi plant expansion
programme prevented the operation from treating the current arisings from the
host mine thus impacting on the recoveries.

Thor Mining (LON:THR) Plc (THR LN, 1.52p, ▲ 19.61%) announced a 12% improvement in
projected metallurgical recovery of tungsten for the Molyhil tungsten and
molybdenum project in Australia's Northern Territory. Tungsten recovery is now
estimated at 75% compared with previous estimate of 67%. The improvement is
derived from adding a flotation step to the tungsten recovery process after
gravity separation.

Oilfield Services News

Hunting (LON:HTG) (BUY) (HTG LN, 822p, ▲ 0.40%); Huntings year end trading
statement was very positive. Trading since the release of the IMS on 17
November 2011 has exceeded management's expectations particularly within our
North American manufacturing and connections business units where demand
continues to show strong momentum, together with excellent trading from our Asia
Pacific operations. As a consequence 2011 full year earnings, which are still
subject to external audit, are now expected to be above the top end of analyst
expectations. Management are comfortable with the business outlook for 2012.

Schlumberger (Monitored Coverage) (SLB, $73.1, ▲ 1.90%): Q4 2001 results
were broadly in line with market expectations. Income from continuing operations
was $1.49 Bnan increase of 13% sequentially and 28% year-on-year. Diluted EPS
from continuing operations was $1.11 versus $0.98 in the previous quarter, and
$0.85 in the fourth quarter of 2010.
2012 outlook comments were broadly encouraging. Uncertainty remains over the
outlook for 2012 due to the continuing sovereign debt crisis in Europe which
places downward pressure on GDP and oil demand forecasts. Natural gas markets
are well supplied in North America with gas storage well above five-year highs.
In this environment, the thin excess oil supply cushion is expected to support
oil prices close to current levels, while global demand for LNG continues to
increase. Recent E&P customer spending forecasts also point to higher E&P
investment in 2012, particularly in international markets.
Against this backdrop we are planning for growth in 2012, while building the
required flexibility into our resource plans. We remain confident that any
potential reductions in activity will be short-lived and that our competitive
position remains strong, given our presence and strength in the international
markets and the balance we have established between reservoir characterization,
drilling and production services in our North America offering.

Rig Count News. The Baker Hughes Rig Count is the key barometer for the oilfield
services industry and in particular the drilling contractors. Last weeks data
(week ending (19/01/12) remained positive for the industry as a whole. The U.S.
Rig Count stood at 2008, up 21 on the previous week and 295 year over year with
the number of land rigs at 1947. The number of oil rigs stood at 1,223. Gas rigs
stood at 780, down 11 as US gas prices remain low with the
directional/horizontal rig count at 1,389. The Canadian rig count gained further
momentum, up 43 on the previous week.

Sylvania Platinum Ltd is engaged in mineral exploration and mineral treatment projects. During the fiscal year ended June 30, 2012 (fiscal 2012), the operational focus was concentrated on the six retreatment plants, as well as the further exploration and feasibility studies on the Volspruit and Northern Limb projects. During fiscal 2012, the Sylvania Dump Operations (SDO) includes five fully operational chrome tailings processing complexes, Millsell and Mooinooi on the western limb of the Bushveld Igneous Complex (BIC), and Lannex, Steelpoort and Doornbosch on the eastern limb. The Volspruit project covers two adjacent ore bodies that will be mined for Platinum group metals consists of mainly platinum, palladium, rhodium and gold (PGMs) and other base metals, such as copper and nickel, through two open-cast pits. In August 2012, the Company announced the disposal of the Bushveld Iron Ore asset. more »

Frontier Mining Ltd (Frontier) is engaged in the exploration, development of gold and copper deposits in the Republic of Kazakhstan. The Company operates in two segments: Naimanjal license area (gold, silver and copper), which include Naimanjal mine, Koskuduk mine and Baitemir, and Benkala license area (copper). The Company’s subsidiaries include Frontier Mining Antilles NV, Frontier Mining Co-operative, Frontier Mining Finance BV, which are holding company, and FMLKazakhstan LLP, which is engaged in exploration and development of Naimanjal license area. The Maminskoye gold project is located in south-western Russia approximately 500 kilometers north of Benkala in an established gold and copper producing region. On April 11, 2011, Frontier acquired the remaining 50% of the Benkala project and 100% of the Maminskoye gold deposit in southern Russia. more »

Goldplat plc produces and explores precious metals on the African continent. The Company has two main business areas: the production of precious metals, primarily gold from materials acquired from primary produces and the mining of and exploration for gold. The Company operates in three segments: Recovery operations, Mining and exploration and Administration. The Recovery operations include the recovery of precious metals from metallurgical challenging materials and the processing of ore, sourced from other mining operations. Mining and exploration includes assets held for commercial exploitation of precious metals and exploration assets held where the commercial viability of the ore resource has not yet been evaluated or is in the process of evaluation. Administration includes activities conducted by holding companies in relation to the group and its subsidiaries. more »

Fox-Davies Capital Limited (FDC) has been advising and raising funds for the natural resource sector since February 2001. The firm specialises in assisting international resource companies to gain access to the UK, European and North American capital markets and has a substantial background in emerging markets particularly in Africa, Asia, Russia and the CIS.
FDC enjoys a successful track record in advising and undertaking fundraising transactions for its clients ranging from private equity to IPO and secondary offerings and works with over 350 specialised institutional resource and emerging markets funds worldwide.
FDC is authorised and regulated by the Financial Services Authority (FSA) and is a member firm of the London Stock Exchange (LSE). more »